The Board of Directors of Nueva Pescanova will propose at its next general meeting of partners, to be held on Thursday, September 26, a capital increase of 72.6 million euros to finance the company’s future growth plan, with the aim of consolidating its change of stage and after having achieved a gross operating result (Ebitda) of 18.1 million euros between April and August of this year, almost double the twelve months of the previous year.
The increase will be disbursed with a cash injection during the fourth quarter of this year, according to the company, which will also propose a reduction in the nominal value of the shares of 0.31 euros per share at the meeting with the partners. for a total value of 223 million euros, to compensate for losses from previous years and clean up the balance sheet. This procedure has no impact on cash flow.
Thanks to the capital increase, local financing and optimization of working capital management, the group has managed to restore liquidity and solvency and secure funds for its 2024-2028 business plan, as highlighted in a press release.
Furthermore, it will also submit for approval the consolidated annual accounts for 2023-2024, which reflects a turnover of 970 million euros and a negative result of 131 million euros, of which 42 million correspond to a provision for depreciation to clean up the balance sheet, an amount which does not affect cash flow.
With these results, the company explained that it closes a cycle of two consecutive years “very impacted” by extraordinary external factors, such as inflation, the exchange rate and the climatic phenomenon “El Niño”.
In this context, he explained that in order to face these current contingencies, and within the framework of the objectives of the new business plan, In recent months, the company has also implemented improvement measures to make its operations more robust. and leave it ready to face possible future negative cycles.
Finally, the modification of the financial year to adjust it to the natural calendar will also be presented for approval to the general meeting of partners, in accordance with the objectives of simplifying the company’s operations.
Until now, the Nueva Pescanova group started its financial year in April. Therefore, to start with the natural calendar of 2025, The 2024 financial year will be adapted and shortened to nine months, ending on December 31.
